Company No: 05906155 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	P W Marshall
	N D A Sims

SECRETARY

P W Marshall

REGISTERED OFFICE	C/O Bishop Fleming LLP
	10 Temple Back
	Bristol
	BS1 6FL
	United Kingdom

COMPANY NUMBER

05906155 (England and Wales)

CHARTERED ACCOUNTANTS	Bishop Fleming LLP
	10 Temple Back
	Bristol
	BS1 6FL

	Note	2022		2021
		£		£
Fixed assets
Intangible assets	3	153,977		205,304
Tangible assets	4	63,858		12,665
Investments	5	1		1
		217,836		217,970
Current assets
Debtors	6	1,530,849		1,289,767
Cash at bank and in hand		237,317		237,111
		1,768,166		1,526,878
Creditors
Amounts falling due within one year	7	( 492,085)		( 370,229)
Net current assets		1,276,081		1,156,649
Total assets less current liabilities		1,493,917		1,374,619
Creditors
Amounts falling due after more than one year	8	( 32,080)		0
Provisions for liabilities	9	( 99,007)		( 99,007)
Net assets		1,362,830		1,275,612
Capital and reserves
Called-up share capital	10	3,157		3,157
Share premium account		828,740		828,740
Profit and loss account		530,933		443,715
Total shareholder's funds		1,362,830		1,275,612

For the financial year ending 30 April 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Comprehensive Income has not been delivered.

The financial statements of Oakwood Media Group Limited (registered number: 05906155) were approved and authorised for issue by the Board of Directors on 19 August 2022. They were signed on its behalf by:

P W Marshall Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Oakwood Media Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming LLP, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Directors’ Report.

The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.

Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Statement of Financial Position date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Statement of Financial Position date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and fittings	8 years straight line
Computer equipment	3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	26		25

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 May 2021	755,727		755,727
At 30 April 2022	755,727		755,727
Accumulated amortisation
At 01 May 2021	550,423		550,423
Charge for the financial year	51,327		51,327
At 30 April 2022	601,750		601,750
Net book value
At 30 April 2022	153,977		153,977
At 30 April 2021	205,304		205,304

4. Tangible assets

	Fixtures and fittings		Computer equipment		Total
	£		£		£
Cost
At 01 May 2021	138,912		232,703		371,615
Additions	0		71,885		71,885
At 30 April 2022	138,912		304,588		443,500
Accumulated depreciation
At 01 May 2021	131,333		227,617		358,950
Charge for the financial year	1,913		18,779		20,692
At 30 April 2022	133,246		246,396		379,642
Net book value
At 30 April 2022	5,666		58,192		63,858
At 30 April 2021	7,579		5,086		12,665

5. Fixed asset investments

Investments in subsidiaries

	2022
	£
Cost
At 01 May 2021	1
At 30 April 2022	1
Carrying value at 30 April 2022	1
Carrying value at 30 April 2021	1

6. Debtors

	2022		2021
	£		£
Trade debtors	542,639		437,139
Amounts owed by Group undertakings	391,978		389,778
Prepayments and accrued income	152,851		80,810
Other debtors	443,381		382,040
	1,530,849		1,289,767

7. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	133,922		145,374
Amounts owed to Group undertakings	1		1
Amounts owed to directors	36,577		28,167
Accruals and deferred income	170,603		152,526
Corporation tax	82,805		0
Other taxation and social security	47,170		44,161
Obligations under finance leases and hire purchase contracts (secured)	21,007		0
	492,085		370,229

Amounts shown within obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

8. Creditors: amounts falling due after more than one year

	2022		2021
	£		£
Obligations under finance leases and hire purchase contracts (secured)	32,080		0

Amounts shown within obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

9. Provision for liabilities

	2022		2021
	£		£
Other provisions	99,007		99,007

The above amount relates to a provision for dilapidations.

10. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
3,157 Ordinary shares of £ 1.00 each	3,157		3,157

11. Financial commitments

Commitments

Capital commitments are as follows:

	2022		2021
	£		£
Contracted for but not provided for:
	403,333		513,333

Total future minimum lease payments under non-cancellable operating leases are as follows:

	2022		2021
	£		£
- within one year	110,000		110,000
- between one and five years	293,333		403,333
	403,333		513,333

12. Related party transactions

At the year end, the company owed the directors £36,577 (2021: £28,167). This amount is included within amounts owed to directors. The loans are interest free and there is no fixed date for repayment.

The company has taken advantage of the exemption in Section 1AC.35 of FRS 102 and not disclosed related party transactions with companies within the group.